Celtel Zambia Limited Finance Director Randell Hato says the over 20 percent that his company recently listed on the Lusaka Stock Exchange (LUSE) are in line with the Citizen Economic Empowerment Programme.
Mr. Hato said the share listing on the countrys only stock exchange market was also aimed at stimulating the stock exchange market.
He said this when he addressed some Celtel subscribers at the on going Euro Money Zambia Investment Conference in Lusaka yesterday.
He said the company also deliberately gave priority to individual Zambians, institutions and its employees before a few selected international investors as the share percentage listed was too big for the Zambian public only.
Mr. Hato said Celtel employees bought a total of 0.1 percent, while the Zambian public was allotted 3.4 percent with domestic institutions being allotted 6.3 percent and selected international investors carrying 10.2 percent.
And Mr. Hato has attributed the recent network problems most subscribers are facing to the relocation delays of the operation switch from the old Celtel premises to the new building.
He has however assured Zambians that the operation switch will be fixed by the end of this month adding that once it is fixed the situation will normalise.
Mr. Hato also revealed that his company is aiming at connecting 4.6 million subscribers on its network by 2011.
He added that the company has since launched a strategy to further penetrate the mobile service provision market by selling Celtel connected handsets at reduced prices to link more people on the network.
Mr. Hato said although his company has connected all the 72 districts in the country, it was also experiencing challenges to provide services as the country was vast.
There has been growing concern among Celtel subscribers in the country over the company’s failure to provide efficient services.
Once again, Zambians allow an investment opportunity go begging from right under their noses into the hands of foreigners. Whatmore can govt do? Not even manna from Heaven was free, it had to be picked. That was the consideration.
How many of you bloggers bought Celtel shares?
I cant buy Celtel shares.These guys are thieves.If it were MTN,i would have been the first one.
#3, then all the more reason why you should get back what has been stollen from you, buy into the ‘loot’, if that’s what it is?
Frankly, MTN Zambia has been too slow with things pa Zed. Or is it the competition which is tough? One wonders what will become of them if Vodafom enters the mkt?
You wonder why Mr. Hato still thinks the floated shares are in line with the Citizen Economic Empowerment Programme. I’m sure over 50% of shares allocated to celtel employees must have landed in the hands of managers of foreign origin.
looking at the percentages of people that bought shares clearly shows that we zedians dont have strong economic manpower to be able to buy almost all the shares that where floated on the market as multinationals got most of the shares…
zed pipo r po and slow – the kenyans rocked wit safaricom!!!